Yatırım Danışmanı Açısından Yatırımcıların Tasarruf Eğilimlerini Etkileyen Faktörler Üzerine Bir Araştırma
Yıl 2017,
Cilt: 4 Sayı: 2, 70 - 80, 01.07.2017
Mehmet Arslan
Zühal Küçükçakal
Öz
Yatırım, iktisadi olarak dönemler arası tüketim değişimi olarak tanımlanır. Bireyler gelecekteki tüketim miktarını reel anlamda artırmak amacıyla tasarrufta bulunurlar. Bu tasarrufların yatırım araçlarına tahsisi, takibi ve performans ölçümünün özel uzmanlık gerektirmesi nedeniyle “yatırım danışman”larından destek alırlar. Bu amaçla çalışmamızda yatırım danışmanları açısından yatırımcıların tasarruf eğilimlerini etkileyen faktörleri belirlemek üzere kamu ve özel banka çalışanlarına dört yüz anket uygulanmıştır .Araştırma sonucunda, müşterilerin tasarruf eğilimlerini etkileyen; yatırım ufku risk toleransı gibi kavramlara değinilmiş ve sonuçlardan hareketle öneriler sunulmuştur.
Kaynakça
- Barberis, N., Huang, M., and Santos,T. 2001,"Prospect Theory and Asset Prices," Quarterly Journal of Economics 116, 1-53,
- Bordalo, P., Gennaioli, N. and Shleifer, A.201,. “Salience Theory of Choice under Risk.” Quarterly Journal of Economics 127 (3):1243–85.
- Caballero, R. J. and Krishnamurthy. A. 2009, Global Imbalances and Financial Fragility, American Economic Review, Vol. 99, Issue 2, Pages 584-588.
- Campbell, J. and Cochrane J., 1999, “By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior,” Journal of Political Economy, 107, 205-251.
- Copeland,T.E.,Weston, J.F.,Shastri,K.,2005. Financial Theory and Corporate Policy, Fourth Edıtıon, Pearson Education,Inc.,publishing as Pearson Addison Wesley.
- DeLong, J. B., Shleifer A., Summers, L.H. and Waldmann, R.J .1990, “Noise Trader Risk in Financial Markets.”Journal of Political Economy, 98(4): 703–38.
- Gıtman,L.J., Joehnk, M.D.2005. Fundamentals of Investıng, Nınth Edıtıon Pearson Education,Inc.,publishing as Pearson Addison Wesley.
- Guiso, L. and Paiella,M. 2008, “Risk Aversion, Wealth and background Risk”, Journal of the European Economic Association, 6(6):1109–1150
- Guiso, L., Sapienza, P., & Zingales, L. 2015. Time Varying Risk Aversion
- Haugen,R.A.,2001 .Modern Investment Theory,Fıfth Edıtıon, Prentice Hall, Inc.Upper Saddle River, ,07458. New jersey.
- Heaton,J. and Lucas ,D. 2000, "Portfolio Choice in the Presence of Background Risk," Economic Journal, 2, 110(460), pp. 1-26.
- Knutson, B., Wimmer E., Kuhnen, C.M and Winkielman,P.2008, ”Nucleus Accumbens Activation Mediates Reward Cues’ Influence on Financial Risk-Taking,” NeuroReport, 509-513
- Kuhnen, C. M. and Knutson,B. 2005, “The Neural Basis of Financial Risk Taking,” Neuron, Volume 47, Issue 5, 763-770.
- Kuhnen, C. M. and Knutson,B. 2011, “The Impact of Affect on Beliefs, Preferences and Financial Decisions.” Journal of Financial and Quantitative Analysis, 46 (3): 605-626.
- Loewenstein, G.2000, Emotions In Economic Theory and Economic Behavior, The American Economic Review; May (90): 2, 426-432.
- Mıshkın,F.S.2007. Para,Bankacılık, ve Finansal Piyasalar İktisadı.Sekizinci Baskıdan Çeviri.(Çev.S.Şahin,S.Çiçek ve Ç.Boz). Pearson Education,Inc.,publishing as Pearson Addison Wesley.(Eserin orijinali 2007’de yayımlandı).
- Saarela,H.2014.The Influence of Self-Perceıved,Subjectıve Attrıbutes on Investment Behavıor. Ph. D. Dissertation,Unıversıty of Oulu ,Oulu,157 p.
- Sharpe,W.F., Alexander,G.J., Baıley, J.V.1999.Investments. Prentice Hall, Inc.Upper Saddle River, Sıxth Edıtıon,07458. New jersey.
A Research On The Factors Affecting Investments Saving Benefits In Investment Advisor
Yıl 2017,
Cilt: 4 Sayı: 2, 70 - 80, 01.07.2017
Mehmet Arslan
Zühal Küçükçakal
Öz
Investment is defined as
intertemporal substitution of consumption between current period with that of
predetermined future consumption. Individuals motivation for savings is to
increase the amount of future consumption in real terms. These savings are
mediated and managed by "investment advisors" as it requires special
expertise in investment techniques, monitoring and performance measurement. To
this end, four hundred questionnaires were applied to public and private bank
investment advisors in order to determine the factors affecting investors'
savings tendencies private investors from the point of view of investment
advisors. Result of the survey revealed that, factors such as investment
horizon, risk tolerance and investment experience have important effect on
investment decisions
Kaynakça
- Barberis, N., Huang, M., and Santos,T. 2001,"Prospect Theory and Asset Prices," Quarterly Journal of Economics 116, 1-53,
- Bordalo, P., Gennaioli, N. and Shleifer, A.201,. “Salience Theory of Choice under Risk.” Quarterly Journal of Economics 127 (3):1243–85.
- Caballero, R. J. and Krishnamurthy. A. 2009, Global Imbalances and Financial Fragility, American Economic Review, Vol. 99, Issue 2, Pages 584-588.
- Campbell, J. and Cochrane J., 1999, “By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior,” Journal of Political Economy, 107, 205-251.
- Copeland,T.E.,Weston, J.F.,Shastri,K.,2005. Financial Theory and Corporate Policy, Fourth Edıtıon, Pearson Education,Inc.,publishing as Pearson Addison Wesley.
- DeLong, J. B., Shleifer A., Summers, L.H. and Waldmann, R.J .1990, “Noise Trader Risk in Financial Markets.”Journal of Political Economy, 98(4): 703–38.
- Gıtman,L.J., Joehnk, M.D.2005. Fundamentals of Investıng, Nınth Edıtıon Pearson Education,Inc.,publishing as Pearson Addison Wesley.
- Guiso, L. and Paiella,M. 2008, “Risk Aversion, Wealth and background Risk”, Journal of the European Economic Association, 6(6):1109–1150
- Guiso, L., Sapienza, P., & Zingales, L. 2015. Time Varying Risk Aversion
- Haugen,R.A.,2001 .Modern Investment Theory,Fıfth Edıtıon, Prentice Hall, Inc.Upper Saddle River, ,07458. New jersey.
- Heaton,J. and Lucas ,D. 2000, "Portfolio Choice in the Presence of Background Risk," Economic Journal, 2, 110(460), pp. 1-26.
- Knutson, B., Wimmer E., Kuhnen, C.M and Winkielman,P.2008, ”Nucleus Accumbens Activation Mediates Reward Cues’ Influence on Financial Risk-Taking,” NeuroReport, 509-513
- Kuhnen, C. M. and Knutson,B. 2005, “The Neural Basis of Financial Risk Taking,” Neuron, Volume 47, Issue 5, 763-770.
- Kuhnen, C. M. and Knutson,B. 2011, “The Impact of Affect on Beliefs, Preferences and Financial Decisions.” Journal of Financial and Quantitative Analysis, 46 (3): 605-626.
- Loewenstein, G.2000, Emotions In Economic Theory and Economic Behavior, The American Economic Review; May (90): 2, 426-432.
- Mıshkın,F.S.2007. Para,Bankacılık, ve Finansal Piyasalar İktisadı.Sekizinci Baskıdan Çeviri.(Çev.S.Şahin,S.Çiçek ve Ç.Boz). Pearson Education,Inc.,publishing as Pearson Addison Wesley.(Eserin orijinali 2007’de yayımlandı).
- Saarela,H.2014.The Influence of Self-Perceıved,Subjectıve Attrıbutes on Investment Behavıor. Ph. D. Dissertation,Unıversıty of Oulu ,Oulu,157 p.
- Sharpe,W.F., Alexander,G.J., Baıley, J.V.1999.Investments. Prentice Hall, Inc.Upper Saddle River, Sıxth Edıtıon,07458. New jersey.